Essays on Microeconomics

Introduction

Chrysler Group LLC is one of the largest automobile manufacturing companies in the world. Along with General Motors and Ford Motor Company, these three companies are known as the “big three” in the US market. Chrysler is headquartered in Auburn Hills, Michigan. Currently, Chrysler is a wholly owned subsidiary of the Italian Automaker, Fiat S.P.A. The flagship brands of Chrysler are Chrysler 200 and 300, Dodge, Ram and Jeep. The journey of Chrysler was not always smooth. Upon its establishment in 1925, it soon became one of the most popular car brands in USA. From 1930s till late 1950s, Continue reading...

This article is about how two of the world’s largest parcel delivery and shipping companies are, in fact, owned by the same owners. The article talks about UPS and FedEx, two companies having a chunk of the market share offering the above-mentioned services. Based on the illustration shown herewith, UPS has a 25.9% share of the deferred market while FedEx is closely following at 21.8% share. In terms of overnight packages, FedEx leads all market players with a 42.2% share while UPS follows at 33.8%.
Figure 1 Market Share of FedEx and UPS
Taken together, these two companies Continue reading...

Using the Service Encounter Model to Enhance Our Understanding of Business-To-Consumer Transactions in an eEnvironment

Nelson Massad and Kevin Crowston
What the article is about:
Internet plays a progressively greater role in human life. Currently it is complicated to think about a person who is not aware of the terms “search engine”, “site” or “Web Page”. It was noted that the number of Internet users increases annually, so the number of customers, who wish to have the access to a huge amount of information on different products and services through service providers, also increases. Today the number of online start-ups and complement companies is magnifical, so consumers can do business with such providers, but Continue reading...

Argentina is located in the southeastern part of South America. Its neighboring countries are Brazil, Paraguay, Chile and Uruguay. The size in square kilometers of Argentina is 2,736, 690.00. In 2012, the recorded population of people in Argentina was 41.3 million. Argentina is a federal presidential representative democratic Republic. The President of Argentina is The head of Government and Head of State. Legislative power is vested in the Argentine National Congress and the president. The Judiciary in Argentina is independent of the Legislature and the Executive. The country holds regular elections on n a multi-party system. The Head Continue reading...

Introduction

In every market system, two key players are involved; buyers and sellers. Buyers purchase products at their willingness and ability while the seller supplies the products and services to the market at their willing price and ability to the market. (Kumra, 2007)
The market system is defined by the forces of demand and supply. Demand is the capability of a consumer to purchase products at the prevailing price within a given period .Supply is the ability and willingness of a seller to produce and supply products and services to the market at the prevailing price at a given period. Continue reading...

Introduction

Economics is a field which has its active recognition n almost every walk of life and it is an important thing as well . Alfred Marsha and Adam Smith are known as the founder of Economics who invented it. According to both of these individuals, Economics is the name of how to earn the money and how to consume it in a perfect and well organized position.
There are two different branches of economics, which are microeconomics and macroeconomics. Microeconomics is the branch of economics that deal specifically with the economics of individuals while macroeconomics is the name of economics Continue reading...

Introduction

Economics is a broad field which has its active importance and recognition in almost every walk of life. There are two different types of economics, which particularly are microeconomics and macroeconomics. There are numerous concepts that come under the umbrella of economics and economic management, while every concept of the same has its own significance. The main perception of this paper is to apply the relevant concepts of economics and management on the Chinese economy. There is a document with the name of “Slower China Growth Signals Days of Miracles are waning” written by James T. Arendy.

Analytical Framework

The first Continue reading...

Including back to work and training schemes.

Introduction
Economics is a broad field which has its active recognition in almost every walk of life. There are numerous definitions of this particular term in particular and every concept is different from the other. Alfred Marshal and Adam Smith are known as the founder of economics or specifically father of economics, which introduced the most basic definition of this particular term in particular. According to the basic definition, Economics is the name of how to earn the money and how to consume it? It is one of the most important aspects from the standpoint of an economy and Continue reading...

Following the American Psychological Association’s Guidelines

Answers to the Questions
1.The city of Santa Utopia is plagued by ever increasing rent. Worrying that seniors may not be able to afford their rent payments, a city supervisor proposes imposing rent controls. Using supply and demand framework, diagram the effects of rent controls. Will the Santa Utopia rental market face excess demand or excess supply?
In Utopia, the equilibrium price is at Pe and it has been very high for citizens. Therefore, a supervisor suggests applying rent control. If the city management applies that suggestion, the price level has to be kept under the equilibrium price. In Continue reading...

Article summary

The article title is “Microeconomics: Factors of Consumer Decision-Making” by Marc Davis. The article focuses on the choices consumer make before deciding on buying a product or service. Most economists agree that price is the major factor that affects consumer’s decision-making process, but Davis argues that price might not be the only deciding factor. In addition, economics argue that all factors remaining constant, the price of a product is inversely proportional to its demand. Davis focused on the opportunity cost and elasticity as other factors that influence consumer choice and demand for goods or services. Price changes, and Continue reading...

Economics is a subject that is used in different phases of life, and it is one of the most important subjects. The basic definition of economics stride upon the fact that how to earn the money and how to consume it accordingly. Authors identified and described these particular concepts under the umbrella of two important things, which particularly are microeconomics and macroeconomics. Microeconomics is a form of economics that relates to the branch of economics of individuals. Macroeconomics is the second thing which analyzes the economics related to the country as a whole or mass marketing.
The concepts of Continue reading...

There is no specific definition on “Economics” as every author has defined the concept of this field in somewhat different manner. Adam Smith and Alfred Marshall are known as the Father of Economics (FOE), and both of them have identified the concept of economics in a different and effective manner . According to their concepts, “Economics is the name of earning and consuming money” or “Economics is the name of how to earn the money and how to consume it”. It is one of those concepts, which has its active recognition in almost every walk of life.
There are two Continue reading...

Introduction

Economics is the name of earning and utilizing the money at a place from where the likelihood of earning would be on a higher place. Adam Smith and Alfred Marshal are known as the Father of Economics (FOE) and according to them, Economics is the subject which stated that how to earn the money and how to consume it .
There are two different kinds of economics, which particularly are Macroeconomics and Microeconomics. Microeconomics is the name of economics which relate to individual economics, while the economics concerned with the economy as a whole is known as Macroeconomics. It is Continue reading...

The fundamental rule of economics is that it is a study of interaction of various market forces for utilization of the limited resources towards the satisfaction of unlimited demands of the society. The interaction and power of the forces of demand and supply determines the nature of the market. Microeconomics is the study which deals with the interaction of the individual demand and supply forces. The nature of such interaction and the relative influence of demand and supply forces would determine the kind of competition that exists in the market i.e., perfect competition or imperfect competition. The paper has Continue reading...

According to Davide Colander, government acts like a “referee” in that government can act to “set rules” in the course of commerce. The major way is through federal and state legislation through the mechanisms of “taxes, subsidies, or regulations” (Colander, 2013). This works principally in business when two parties act together in a private contract to benefit each other financially. A problem arises when they are likely to “not take into account any effect that an action may have on a third party” (Colander, 2013). This is defined as an externality – company A and company B enter into a Continue reading...

Introduction

Economic perspective and economic laws are some of the important ones that associated with different economies of the world accordingly (Casson, 1990). As per the sayings of Alfred Marshall and Adam Smith, the law of economics revolves specifically around the level of economic perspective of consuming and utilizing the money. In fact the core sayings of these individuals are in the favor of effectiveness and shows that economies should utilize their facts and the consumption and savings values in a perfect and organized manner (Casson, 2006).
There are number of authors of economics which has had presented different ideas Continue reading...

Introduction

Economic consequences are extremely essential for the sake of an economy, as it is the only thing through which the power of economics of a country will get appreciation and upper hand in the market (Angermuller, Maingueneau & Wodak, 2014). Escalating stock market recognition, increasing economic power, Gross Domestic Product and Per Capita Income are some of the important aspects that found interactive and effective in the entire field of economics and management (Angermuller, Maingueneau & Wodak, 2014).
In terms of significance, the subject of economics has its diversification in different themes that will be considered accordingly in the picture. The Continue reading...

Abstract

Introduction
The thing through which a country gets appreciation is its core expertise and appreciation in the economic function, because the economic functions usually have the tradeoff of two important things known as earning and consumption. In fact the father of economics, Alfred Marshal and Adam Smith found the same tradeoff in the market for their economic consequences particularly. This is an important aspect that delivers the best services in town for the country in all over the world (Gaisford & Kerr, 2001).
The concept of economics is an important one for the countries and economies from all over the Continue reading...

Introduction

Considered to be the worst financial crisis after the Great Depression of the 1930s, the financial crisis of 2007-2008 hit hard the global economy, threatening the total collapse of the big financial institutions, which, although was prevented by the bailout actions of the national governments, kept the global stock markets at its all-time low. The crisis played a crucial role in the failure of many businesses, decrease in the consumer wealth and a slow economic activity, creating the European sovereign-debt crisis. The impact of the global recession hit the common people by giving rise to unemployment problems, loss of Continue reading...

There are numerous examples where microeconomics is applicable to us in our everyday life. This paper will focus on some of the examples I encountered while I was a teen ager and also how these concepts have helped me to analyze every situation from an economist perspective.
Starting off with a simple example, as teenager I always loved McDonalds and would spend a lot of money buying shakes, burgers from an outlet. At that time I had no idea about the concept of utility which is a fundamental concept in microeconomics. Every time I consumed a burger I really Continue reading...

The word economics originate from Greek words “Oikos” that means home and “Nomos” that means management. Economics can be understood as home management. The head of the family faces the challenge of managing the unlimited needs of the family within the limited resources of the family. The society can be considered as a family that faces the challenge of managing the needs of its members within the scarce resources. Therefore, Economics the study of the how human beings manage the scares resources to meet their needs in life. Adam Smith defines Economics as the study of nature and causes Continue reading...

Introduction

Smartphones seem to be a revolutionary movement in the 21st century in terms of sales; most global brands are coming up with new mobile devices each and every day. This innovation trend targets the working class persons; global brands like iPhone and Samsung products targets the persons in the office. As a result of this target market, the companies do set high prices on these products. Hence, it is hard for the middle-class and lower class persons to afford it. I am interested in launching a smartphone in the African market, my specific country of choice is Kenya. This Continue reading...

Question 1

Gross domestic product (GDP) is a phrase or term that is often used in economics. It essentially refers to the market value of the total final goods, product or services that are produced in a certain nation within a given period of time (Bouman n.p). A final good generally refers to an item that is sold to the final user. This is the usually the final consumer, but it can also refer to firm making investment, government or even a foreign entity. A good is generally classed as a final good when it has reached the ultimate or final Continue reading...

Chapter-1

Introduction
When it is defined about economics, then it will be definite about the inflation and economic growth (Banerjee and Duflo, 2011). Economies are always in comparison with other economies in terms of enhancing their economic growth and minimizing the level of unemployment rate accordingly. Earning the money and consuming it in a perfect and best possible manner is a basic definition of economics, and economics are utilizing it in a better way. Apart from earning and consuming the money at a better place, economic development and economic management are some of the important aspects that associated with the Continue reading...

Introduction

Inevitably, the topic of economics is the most astounding and effective one for the economies, as the main crux of an economy and economic factors are always be effective for their future growth and effectiveness. Economics is a core subject that associated with almost every walk of life, and it can be used for different purpose all over the world. Economics is a subject that specifically associated with the earning and consuming the money accordingly and effectively at the same time. The two broad types of economics, on which the entire broad definition and outlook would be depending, are Continue reading...

Demand refers to the quantity of a commodity a consumer is willing to purchase under different conditions. The demand for a commodity depends on a number of factors like the price of the commodity, income of the consumer, the price of substitute commodities, the price of complements, the preference for the good by the consumers, fashion trends, seasonality, and such others. Therefore, the demand function can be written as:
QD = F(P, Y, PS, PC, T, O)

Where, QD: Quantity demanded

P: Price of the commodity
PS: Price of the Substitute commodity
PC: Price of the complementary commodity
T: Consumers’ tastes and preferences
Continue reading...

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Nike – the winged Goddess of Victory in the battlefield is the symbolism of inspiration for every athlete to perform better and higher. It is the inspiration for the common man to meet his innate desire for athleticism and physical fitness. Nike’s brand promise of attending to every customer’s cravings desires and demands are reciprocated by the customer’s willingness to purchase Nike products. The incredible strategy of Nike is to have the best of athletes endorsing their shoes. It is a common Continue reading...

Introduction

If it is ask about one single field that has recognition with almost every walk of life, then the name of Economics will be reflecting on the screen. After Adam Smith and Alfred Marshall, who directed the most important definition of the term economics, there are numerous authors who found a clear relationship among the economic based functions, and its core impact over the economic consequences of an economy (Banerjee and Duflo, p.45).
Earning and consuming the money in a best possible manner and with a sigh of effectiveness is the most important aspect of economics, in fact the Continue reading...

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Literature Review

Professionals and scholars in the field of marketing and management have since become fascinated with the idea of co-creation. Zwick et al. (2008, pp. 163-196) emphasized the importance of co-creation with regard to its political impact in the cultural, social and economic realms, taking into consideration the notion of Michel Foucault on the government and labor-and-value theories advocated by neo-Marxism. Contrary to the traditional perception of consumers as passive entities in any given market, co-creation brings to light their capabilities in terms of practicing their power to interact with firms on resource combination Continue reading...

Introduction

Every individual has a different appetite than the other, in terms of psychological needs as well as in terms of need of consumption. There are certain things that affect the level of consumption of an individual, and on the basis of this particular level, the stance of consumption and appetite will get a strong change (Campbell and Campbell, 2005).
Consumption is an important viewpoint associated with an individual, even it is essential in the field of economics as well. It totally depends upon the personal income of an individual, and also depends upon the way of consuming them accordingly ( Continue reading...

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Introduction: Intermodal transportation can be thought of as a process for transporting freight and passengers by means of interconnected networks, involving various combinations of modes of transportation, in which all the components are seamlessly linked and efficiently combined. Intermodal transportation is rapidly gaining acceptance as an integral component of conducting business in an increasingly competitive and interdependent global economy.
Global Importance: The United States of Code with respect to transportation states: “Alt is the policy of US Government to develop a National Intermodal Transportation Continue reading...

NOBODY STATE UNIVERSITY ECONOMIC ADVISORY

The Nobody State University as described faces a critical financial challenge that requires a careful analysis. The decision taken shall have a critical impact on the financial aspects of the university. This is an advisory paper using the best micro-economic approaches available.
If the Nobody State University increases the tuition fee, the following scenarios may occur. According to Robert and Frank (2008), an increase in price leads to a corresponding decrease in demand. In this case, the raising of the tuition fee may not necessary lead to an increase in revenue. It can increase, remain the same or go Continue reading...

Introduction

Economics is name and the field of the social sciences that specifically associated with the activities of economic used to understand the process that used for the production, consumption of goods and distribution of the services in the economy. The economy of a country depends heavily upon some of the dominating aspects, as economics is the field which specifically associated with the earning and spending of money at a perfect place in a best possible manner (Mayer, p.12).
The term economics comes specifically from the ancient times of Greek, and according to them it is a science of management Continue reading...

Introduction 2

The City Economy 3
The High-Technology Products Industry 4
The Service Industry 7
The Construction Industry 8
The Public Services 8
Conclusion 9

References 10

MARKET STRUCTURES IN THE CITY
Introduction
The city has four main sectors: 1) high-technology products industry, 2) service industry, 3) public services industry and 4) construction industry. Because the city could gather some innovative people thanks to the developing high-technology products producers in the city, the city is attracting new people every other day. The attractiveness of the city is enlarging the population of the city.
The migration received from the other cities and the other Continue reading...

The world has been migrating from the analogue era to the digital era for the last couple of years. In the digital era, electronics are very essential components and hence their demand has increased. The number of electronics manufacturers has consistently increased over the years, and the level of production has surpassed the growing demand. Lenovo has been affected by the situation and therefore the company needs to take keen note on the demand and supply concepts.

Price determination using demand and supply curves

The price of any product should be derived from the demand and supply curves. The place at which the two curves intersect Continue reading...

- Housing costs me nothing.
This statement is not correct from the microeconomic point of view. There is always an opportunity cost, which is always born by the person who asks the question. Sale of the house or rent of the flat while moving into a cheaper housing would provide quantification of such cost when compared to actual level of income. Also, there are maintenance costs and tax related costs.
- Boring lessons.
The financial cost of the lessons was already covered, from the microeconomic point of view, if the lessons are useless, participation will only increase the total cost Continue reading...

Introductory Scenario

There are a number of concepts that specifically stride under the economical management that have been categorized under two different aspects that are microeconomics and macroeconomics. Microeconomics is that branch of economics that associated with the economics of the individual, while economics related to the entire country would be referred as macroeconomics. There are certain concepts that found in the field of the macroeconomics, and among them unemployment rate is one of them. Employment, unemployment and labor force participation have been termed as some of the major elements of economics. In this analysis, it is required to write a Continue reading...

The word ‘health’ has a deeper connotation to the modern world than just being referred to as freedom from illness, disease or disability. Health or being healthy indicates both physical and mental well being. This well being ensures higher productivity for a longer period. Thus health is an important aspect of human capital. Without soundness of body and mind, good quality human capital cannot be created. No wonder, ‘Health Economics’ has emerged as a popular branch of Economics in the last few decades. As a sub discipline it has gained immense importance in recent times. The Journal of Health Continue reading...

The microeconomic theory

The identified microeconomic theory was the consumer demand theory. The consumer demand theory falls under the branch of economics that deals with the study of consumer behaviors applying to decisions related to purchase of goods and services in the market. The theory provides a deep insight into understanding market demand and forms the cornerstone of the modern microeconomics (Salvatore, 2002).

Properties and characteristics of the theory

The consumer demand theory generally analyzes consumer behavior in terms of market purchases that are based on satisfaction of needs and wants achieved after consuming a product. The main property of the theory is utility maximization. Economists are most Continue reading...

Introduction

Economics can be defined as a branch of social science which involves satisfaction of unlimited needs with scarce resources. It entails analysis of trade by use of intuitive graphs and mathematical elements. Economics is a field of science because of the presence of uniform laws guiding it and as a social science it studies human behavior and the choices they make. It is essentially divided into two macroeconomics and microeconomics. Macroeconomics is the branch that studies large scale economics. It concerns itself with how industries and consumers’ functions at a national or international levels. Microeconomics, on the other hand, Continue reading...